The "Clean Oceans Initiative" (COI), established by KfW along with the French development bank AFD and the European Investment Bank in 2018, has reached its initial goal ahead of schedule. By May this year, EUR 4.2 billion was mobilized to protect oceans and reduce marine plastic waste, seven months earlier than planned. At the 3rd UN Ocean Conference in Nice, a new phase named 'Clean Oceans Initiative 2.0' was launched with participation from additional European and Asian development banks alongside KfW and other founding members.
From 2026 to 2030, an additional three billion euros will be allocated globally for ocean protection and reduction of plastic waste. This funding will promote sustainable waste management, wastewater management, and circular economy systems. Stephan Opitz, member of the management committee of KfW Development Bank, emphasized that "clean seas are a value in themselves, but they are also a prerequisite for sustainable development and climate protection."
The United Nations reported that approximately 11 million tons of plastic waste entered the world's oceans in 2021 alone. Without intervention, this figure could nearly triple by 2040, threatening ecosystems with between 23 to 27 million tons of plastic waste annually.
Plastic pollution impacts ocean flora and fauna significantly. Fishing industries face severe challenges as plastics enter food chains posing health risks to humans and animals alike. The oceans provide sustenance for about two billion people globally and play crucial roles in climate regulation and biodiversity conservation.
Most plastic waste currently ends up in Asian seas; hence COI 2.0 now includes the Asian Development Bank (ADB). Expertise from this region aims to enhance project implementation across Asia.
Initially targeting two billion euros from 2018 to 2023, COI doubled its funding goal to four billion euros by February 2022 for completion by end-2025 but achieved it early.
KfW is a leading partner within this initiative as one of its founders. Projects supported so far include wastewater management improvements in Sri Lanka, China, Egypt, South Africa; better waste management practices in Togo and Senegal; flood protection measures implemented across Benin Morocco Ecuador among others countries worldwide
Partnerships between major development banks facilitate efforts cleaning up marine litter producers' activities such Indonesia where KfW ADB jointly finance programs aimed reducing adjacent oceanic plastics entering nation's waters around seventy percent These efforts focus developing circular economies emphasizing repair recycling goods products sustainably managing wastes
The ongoing UN Ocean Conference until June thirteenth co-hosted France Costa Rica seeks advance marine protections curtailing pollution overfishing through collaborative engagement governments scientists NGOs businesses indigenous communities worldwide